Life Insurance for Seniors: 5 Best Policies


Life insurance for seniors may cost you a bit more than a policy bought at a young age, say in the 30s. However, if you are thinking to buy an insurance plan, there are still plenty of choices that you can put your hands on. The right kind of policy will depend upon your specific needs. Hence, this article will discuss the 5 best life insurance policies for seniors, so that it can help you in deciding what to choose from.

5 Best Life Insurance Policies for Seniors

Life insurance for seniors should be for those individuals seeking great policy benefits along with an affordable price so that they can enjoy the retirement period peacefully. Read on to find out the best life insurance policies for seniors.

1New York Life

At New York Life, you will get the death benefits as low as $25,000. Now that’s an affordable entry point, and by providing small policies it makes the insurance accessible to people who are low on budget and need limited death benefits. However, the company has larger policies whose death benefits are in millions.

New York Life sells insurance plans up to age 85 without the need for medical examination. For seniors who have pre-existing health problems, such an advantage is very useful. With the add-on ‘Living Benefits Rider’, the policyholders will be able to access about $250,000 of death benefit throughout their lifetime. The money can be used in medical bills, thus reducing financial burden.

2Mutual of Omaha

When it is about the best consumer service, Mutual of Omaha stands out of the crowd in fulfilling your specific needs. They have earned a good name when it comes to easy policy management, helpful resources, and a smooth sign-in process. Mutual of Omaha issues guaranteed universal life insurance policies up to age 85.

However, they do approach differently in matters of medical examinations. When you buy life insurance for seniors from this company, there is no need to take an exam for policies that has death benefit below $250,000. Mutual of Omaha needs a higher death benefit that starts at $50,000.

3American National Life

This is another life insurance company that provides policies beginning at $25,000. As you know, with lower death benefits, the premiums will be lower as well. That means, people who have limited requirements such as estate settlement or funeral costs, can buy a decent policy from American National to get along with affairs without breaking the savings.

American National Life sells insurance policies throughout age 80. Apart from the accelerated death benefits, the company provides other riders such as terminal illness and chronic illness. These add-ons greatly help in improving the financial aid up to $250,000. American National is the only insurance company that issues policies to smokers through age 75.

4Banner Life

Most life insurance policies will provide flexibility in monthly payments so far as the annual premiums remain the same. With Banner Life, you can step a little further by the ‘short-pay’ option, where you get to choose the premium paying term for the entire policy. For instance, you can opt for 10 or 15 years while you will have steady work and income.

With this advantage, you can maintain protection for the lifetime without paying them constantly. Banner Life provides two rider options, which is a partial surrender benefit and accelerated death benefit. With partial benefits, you can withdraw a portion of cash if you need it. The inclusion of accelerated death benefits on a senior’s policy is highly appreciable.

5Lincoln Financial

People who are looking for a robust long-term life insurance policy will surely appreciate Lincoln Financial. The benefits include child and spouse riders (it allows you to include your family members to the policy), guaranteed insurability rider (it lets you increase the death benefit any time), disability premium waiver (don’t have to pay the premiums if you are disabled), and so on.

The death benefit at Lincoln Financial starts at $100,000. A larger death benefit implies a bigger amount of premiums, and thus more cash is deposited. Since cash value increases the interest, the earnings will be higher.


The premiums for life insurance for seniors will tend to be higher as one age. However, the aforementioned 5 best life insurance policies for seniors will serve as good insurance coverages. If you want to know about life insurance you can read our Life Insurance 101 Guide. For great financial advice, choose a reputed financial advisor.